Line of Credit
What's a Line of Credit
Line of credit loans are equity loans secured against the equity in your home
You have a pre-approved limit on a line of credit, they are like credit cards where you only get charged when you withdraw money
How much can I borrow
The amount you can borrow will depend on how much equity you have built up in your property
Generally lenders are comfortable lending up to 80% of the properties value
Advantages of a Line of Credit
After approval, a line of credit home loan makes cash readily available when required
- Flexibility to access funds when required
- Can be used to fund renovations or car
- Used for a deposit for an investment or a rainy day
- Interest only repayments, ability to make additional repayments
Disadvantages of a Line of Credit
- High interest rate debt can affect significant savings if not planned well
- Lenders have strict approval rates when applying for a line of credit
- Can lead to temptation to spend more
- Limits allowed can be low
- Applications and administration fees generally apply
Got any questions?
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I will listen and take the time to understand your unique position, your needs and requirements in a loan
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After you have selected your preferred loan I will do all the groundwork to get it lodged, approved and settled
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I will keep touch in touch and make sure the loan still suits your future circumstance, and try to save you money along the way
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